For the first time since Frank Rijkaard walked the sidelines at Camp Nou, Barcelona is approaching a crossroads, with today’s loss to Atlético Madrid underscoring the club’s evermore precarious future. But whereas before the club could pull somebody like Pep Guardiola from the ranks and right its course, the next chapter in Barcelona’s history looks less certain. Both on the field and off, an era of dominance may be coming to an end, giving today’s early exit from Champions League a bigger, more concerning context.

For most clubs, a quarterfinal departure wouldn’t be considered early, but when a club’s made six straight semifinals, it develops expectations. Particularly considering the only thing that stood between Barcelona and the final four was an opponent from Spain that’s not Real Madrid, Champions League becomes an even more telling test. While Atlético had proved its quality in four previous appearances with Barcelona, the Blaugrana had also showed its inability to conquer that new challenge. Now, that challenge has seen the Catalans out of Europe.

The problems extend back to league play, too. After running away with the title last year, Barcelona’s been pulled into a three-team race for first. The club’s early exit from Champions League may actually help in that regard, leaving it the only Liga contender not balancing European concerns. While Atlético and El Real extend their squads in a quest for European glory, Barcelona can focus on retaining La Liga.

Still, if previous years’ success is the benchmark, this season remains a cause for concern. The regression many thought would arrive sooner has started to surface in 2014. Be it by age (Xavi Hernández, Carles Puyol), increased injury concerns (Andrés Iniesta, Lionel Messi, Gerard Piqué), or departures (Víctor Valdés), one of the greatest teams in club soccer history is finally coming back to the pack.

That plight’s only exacerbated by problems off the field. At a time when Barcelona desperately needs to inject new talent, it may not be able to do so. Recently hit with a transfer ban for illegally signing underage players, Barcelona will be out of the next two transfer markets. Provided an appeal doesn’t diminish that sentence, Barça won’t be able to replace the departing Valdés. It won’t be able to bring in some desperately needed central defenders, and if it’s unable to reload, the midfield all of a sudden looks thin. With the core of the team set to play at this summer’s World Cup, a set of legs run ragged by the international schedule (and, Spain’s consistently runs in major tournaments) won’t get reinforcements.

Sandro Rosell, left, resigned as Barcelona president in January. He was replaced by Josep Maria Bartomeu, right. (Photo: Albert Gea/Reuters.)

You can blame the Sandro Rosell regime for that, just as you can blame the departed president for the Neymar fiasco and the increasingly murky relationship between Qatar and a team that used to ar UNICEF across its chests. While fans all over the world romanticize the member-owned model, places like Argentine club scene and Catalonia (among others) get to deal with its repercussions.

After being chosen to replace Joan Laporta in 2010, Rosell moved the team toward the precarious, amoral place it occupies now. While the altruism of Barcelona used to strike an annoying cord, that elitist high-groins is still favorable to a tenure that’s left Barcelona no different from Europe’s other obscenely large clubs.

In that sense, what’s happening at Barcelona isn’t about today’s loss, though the departure from Champions League does gives us a chance to take stock. Just as Manchester United’s loss to Bayern leaves us asking what’s next for the Red Devils, Barcelona’s also reflects the club’s current woes. Not even claiming Liga and Copa del Rey titles will completely assuage the feeling that the season has been a step back.

In two months, Gerardo Martino may be gone, and while Barcelona will have a number of quality coaches pining for the job, others will see a two-window ban, aging core, and squad with holes as a reason to stay away. Be it Martino or somebody else, whomever’s in charge come July will have to deal with the miles another World Cup has put on Hernández, Iniesta, Dani Alves and Messi. And they’ll have to do so without being able to reinforce the core.

One loss in Madrid didn’t cause any of these problems. It only highlights the extent of them, and in that light the crossroads may not be a good one. It implies the club has options, yet locked into what it has, Barcelona may need to see this out. It may be helpless to prevent an end of an era.